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Ripple Prime Adds 24/7 RWA Swaps Referencing Hyperliquid Perpetuals
Institutional clients can trade traditional-asset exposure around the clock through Ripple Prime
TL;DR
- Ripple Prime launched RWA perpetual swaps covering more than 100 reference markets across equities, indices, ETFs, metals, energy and foreign exchange.
- The swaps reference Trade.xyz perpetual futures listed on Hyperliquid, with Virtu among the institutional clients already trading them.
- Ripple Prime supports RLUSD collateral and cross-margining, while the products are currently offered through its CIV BVI license.
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Ripple Prime, Ripple’s prime brokerage unit, launched real-world asset perpetual swaps for institutional clients on October 15, giving them round-the-clock trading and settlement, including weekends, across more than 100 traditional-market reference markets. The products reference perpetual futures listed by Trade.xyz on Hyperliquid.
The offering spans equities, equity indices, exchange-traded funds, metals, energy and foreign exchange. The swaps are derivatives rather than ownership claims on the underlying assets: stock- or ETF-linked exposure does not deliver shares or fund units, and commodity-linked positions do not arrange physical delivery. Ripple Prime acts as principal in the client-facing trade, while the Trade.xyz perpetual is the reference derivative.
Market maker Virtu is already trading the products. Scotte Moegling, head of business development for digital assets at Virtu, said, “Ripple Prime's 24/7 cross-margining across asset classes helps us expand our presence more efficiently as markets move toward round-the-clock access.”
How the swaps reference Hyperliquid markets
The structure separates the institution’s contract from the market used as its reference. The client trades with Ripple Prime as principal, the swap references a Trade.xyz perpetual listed on Hyperliquid, and the conventional stock, index, ETF, commodity or currency market sits behind that reference exposure. That principal relationship also creates counterparty exposure to Ripple Prime.
Continuous trading can continue after the conventional market behind a reference asset has closed. Trade.xyz’s equity-perpetual documentation says its internal oracle responds to order flow during closed sessions. An April 30 update shortened the oracle’s time constant from one hour to 30 minutes to make it respond more quickly to price discovery. The documentation also describes a constraint on the mark price relative to the last external spot price.
Those mechanics apply to Trade.xyz’s equity perpetuals and should not be assumed to work identically for every commodity, foreign-exchange or index contract. Trade.xyz also describes a scaling adjustment to Hyperliquid’s funding formula intended to reduce baseline funding and moderate funding during weekend price discovery. Ripple Prime’s client financing and funding terms are separate from the reference venue’s funding mechanics.
RLUSD Collateral and Cross-Margining
Ripple said eligible clients can use RLUSD as collateral for the RWA swaps, subject to jurisdictional availability. Ripple Prime also supports cross-margining across asset classes, allowing eligible positions that offset risk to reduce the collateral needed compared with funding each exposure separately.
Clients can manage trading through one counterparty and view margin requirements and portfolio risk in one place. Cross-margining does not mean every position receives a full offset or that every collateral asset is valued dollar for dollar. If offsetting positions diverge during volatile trading, losses can consume available collateral and increase margin needs elsewhere in the portfolio.
BVI Launch Follows Ripple Prime’s Hyperliquid Expansion
Ripple Prime was created after Ripple completed its $1.25 billion acquisition of non-bank prime broker Hidden Road last year. The platform supports digital assets, foreign exchange, fixed income, derivatives and swaps through a single institutional account.
Ripple Prime added Hyperliquid support in February, allowing institutional clients to access the decentralized derivatives venue while managing margin alongside other positions. The new RWA swaps are currently offered through Ripple Prime’s CIV BVI license. Ripple said it plans to expand availability to more regions, without naming the next markets or a launch timeline.
The launch announcement does not establish general availability to U.S. institutions or retail investors. It also does not publish a public schedule of leverage limits, collateral haircuts, financing charges or liquidation thresholds, or provide spreads, order-book depth or liquidity commitments across the full set of reference markets.
This article has been refined and enhanced by ChatGPT.
